Modified Accelerated Cost Recovery 5 ystem An example of a depreciation schedule under the Medified Accelerated Cost Recovery System of depreciation is shown. The Internat Revenue Service (IRS) classifies varlous assets according to useful life and sets depreciation rates for each year of the asset's life. This asset has a five year life. The MACRS rates are shown in the schedule. This example is for an asset with a cost of $40,000 and a salvage value of $4,000. A snall delivery truck was purchased on January 1 at a cost of $100,000. It has an estimated salvage value of $20,000. This information has been collected in the Merosoft Excel Online file, Open the spreadsheet, perform the required analysis, and input your answers in the questian below. This intormation has been collected in the Nicrosoft Excel Ontine fike. Open the sprebdiheet, perform the reguled analvas, ahd input your ansaers in the question belon. Cpen spreadshert Prepare a deprecistisa schedule showing the depreoatien expense, kccumulated depreciation, and beok yalue for each year under the Modifed Accelerated Cost Recovery System. For tax purpeses, astume that the truck has a wseful life of five yeart. Uie the tates from the exartiple provided. cthe tas schedule wilf spread depreciation over. six years.) If an amouat is rero, enter "g*